Lowell Deeds

The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell

April 9, 2007

Lowell Sun on Foreclosures

by @ 8:30 am. Filed under Real Estate

Yesterday, the Lowell Sun began a three-part series on our region’s mortgage foreclosure crisis. The lead story of the first day’s installment explored in great detail the story of a man who earns just $886 each month in social security disability and by working part time who was able to qualify for two mortgages totalling $295,000 (with monthly payments on the interest only mortgages of $2,300). He has since lost the house. This article tells this man’s story. An accompanying article explores the “war of words” that has arisen between the former home owner and his real estate broker over who was responsible for this situation. There’s also a small article containing some input from me about what might be in store a year or two in the future. Today’s article talks about plans by the state to increase the amount of scrutiny given to subprime lenders.

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